Current statistics reveal the popularity of XBRL. This eXtensible Business Reporting Language (XBRL) is the digital business reporting standard appointed by large businesses prevailing not only in India but across the globe. XBRL framework is based on the XML syntax, which is again a universally preferred language used for transferring information via the internet. XBRL was initiated and is still operating with the intention to exchange financial information between businesses or other users of financial information like investors, analysts and regulators.

XBRL - designed and developed by the non-profit-making council is widely acclaimed not only by private institutions but also by government agencies. Organizations including some accounting firms, software companies large and small corporations all rely on XBRL with the transfer of their financial information.

This business reporting language uses special characters to identify the information instead of referring to text slabs or a set of numbers. For instance, total liabilities = 100. The information then gets affixed with mark-up tags which makes it computer-readable. Like ‘total liabilities = 100’ becomes <Liabilities>100</Liabilities>.  The system engulfs completely the information communicated using mark-up tags via XBRL software. The software can process, store, exchange and analyze the language automatically and work accordingly.

XBRL is a globally accepted language in which information can be read and processed by the computer. The processing of XBRL language is done via XBRL software. XBRL tags are classified under special schemes called taxonomies.

About XBRL Taxonomies

Different countries follow different accounting standards. Taxonomies are the hierarchical dictionaries used by the XBRL community to define various tags. Different dictionaries have different tags defined, used for different purposes by XBRL for transferring and processing financial information. Taxonomies define tags and give meaning to the undisciplined data while making it readable for humans.

Taxonomy helps XBRL Community to:

• Study the tag (whether it is a number, a percentage, a text or a monetary item)
• The nature of the tag (whether the value is negative or positive)
• Its concern/connection with other items (if it is a part of any calculation)

This additional information is called meta-data. When information that has been tagged with XBRL is transmitted, the meta-data contained within the tags is also transmitted.
Taxonomies differ based on the type of information reported and the reporting presentation required. For Instance, a particular company may hire one taxonomy when reporting to the stock exchange on the other hand use different taxonomy to report to securities regulators. Taxonomies are available to define almost every accounting standard in the world.

XBRL has to ben filed by every company within 30 days after the director's of companies perform the audit and there are different sets of penalties which are applied in case the XBRL is missed. For example:

Period of Delays Fees

Up to 30 days 2 times of normal fees
More than 30 days and up to 60 days 4 times of normal fees
More than 60 days and up to 90 days 6 times of normal fees
More than 90 days and up to 180 days 10 times of normal fees
More than 180 days and up to 270 days 12 times of normal fees

There are is also a govt authorized Gen XBRL software used by thousands of clients across the country to file their companies reports to the ministry for corporate affairs in order to be relevant with the authorities and follow the norms. The Gen XBRL return filing software can be found on almost ll the portals of review and can be also be tried and tested as a free download version for few active hours.